As this time of year comes around, it has become something of a familiar phrase, but it truly feels as though the year has passed by in the blink of an eye. This year began with Donald Trump returning to office as President of the United States, and we could almost hear the sound of the global order beginning to shift.
In Japan as well, the Ishiba administration came to an early end, and following the transition to the Takaichi administration, markets reacted positively to its proactive fiscal policies. For a time, enthusiasm over the so-called “Takaichi trade” pushed the Nikkei average beyond the 50,000 mark. At the same time, however, the yen continued to weaken and rising prices have remained a serious concern. In addition, remarks regarding a potential Taiwan contingency being classified as a “situation threatening Japan’s survival” led to a cooling of Japan–China relations, and we now find ourselves approaching year-end amid ongoing uncertainty and turmoil.
As we enter a season in which many people hold a mix of hope and anxiety about what the coming year may bring, I would like to take this opportunity to express my heartfelt gratitude to everyone who has supported us throughout the year. Thank you very much for your continued support in 2025. I sincerely wish you a wonderful New Year.